The Marshall County Board of Finance has voted unanimously to keep the county's Cash Management System with Everwise Credit Union for the next two years, following a competitive review of five financial institutions.
At its October 5 meeting, the board accepted proposals from Everwise Credit Union, Interra Credit Union, First Merchants Bank, Lake City Bank, and First Farmers Bank. County Treasurer Wendy Tapia presented a comparison report of charges and fees from the five institutions and recommended staying with Everwise Credit Union.
Commissioner Adam Faulstich, who serves as board president, asked about the interest rate, and Tapia said it was 4%.
Commissioner Stan Klotz noted that keeping the county's Cash Management System with Everwise would avoid a number of disruptions. Tapia explained that switching institutions would require ordering new checks, setting up new credit cards, and keeping the Everwise account open for three years until all checks and ACH transactions were processed. She described the transition process as extensive and said working with Everwise has been "amazing."
Klotz made a motion to keep the county's Cash Management System with Everwise for the next two years, and it passed unanimously.
In other business, Treasurer Tapia requested permission to open a bank account with Interra Credit Union and transfer approximately $100,000 into it. She noted that Interra is willing to accept tax payments at its Plymouth and Bremen branches at no fee, and said she has been looking for a location in Bremen that would accept property tax payments.
Klotz asked whether Interra would handle buggy plates. County Auditor Angie Birchmeier said the county still maintains an account at Lake City Bank for buggy plates, though that institution charges the county a fee. Tapia said she will contact Interra to ask whether they could handle buggy plates as well.
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